Nigeria’s economic team wrapped up the 2025 IMF and World Bank Spring Meetings in Washington D.C., on an optimistic note, projecting a brighter outlook for capital inflows and global investor confidence in the country’s reform agenda.
The delegation, led by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, engaged with global financial leaders, multilateral institutions, and private investors to showcase the progress of Nigeria’s ongoing economic reforms.
Speaking to journalists at the World Bank headquarters, both Edun and Cardoso painted a picture of cautious optimism, highlighting Nigeria’s rising profile among global investors, which has been driven by disciplined fiscal and monetary reforms over the past year.
A backdrop of global uncertainty
The meetings took place during a period of heightened global uncertainty, marked by rising geopolitical tensions, persistent inflation, and slowing global growth.
According to Edun, Nigeria used the opportunity to align with global policy prescriptions and spotlight its homegrown strategies under the Renewed Hope Agenda.
“Many of the policy recommendations fiscal consolidation, safeguarding macroeconomic stability, investment in infrastructure, and regional integration, are already embedded in the economic reforms being pursued by President Bola Tinubu’s administration,” Edun said.
He noted that Nigeria’s measures, including expenditure control and revenue assurance initiatives, were well aligned with the IMF’s guidance for economies facing external shocks and debt vulnerabilities.
Highlights from bilateral engagements
The Nigerian delegation met with key stakeholders, including the leadership of the World Bank, IMF, the International Finance Corporation (IFC), and the European Bank for Reconstruction and Development (EBRD).
According to Edun, discussions were productive, with strong expressions of support for Nigeria’s reforms.
The World Bank Group President, Ajay Banga, reportedly commended Nigeria’s commitment to structural reforms and expressed specific support for investment initiatives in agriculture, health, tourism, and infrastructure.
In addition, the IFC pledged to support Nigeria’s ambitious M300 infrastructure initiative and investments in the airport and logistics sectors, while the Gates Foundation expressed interest in bridging funding gaps created by reductions in USAID funding.
“These engagements confirmed the strong global appetite for investing in Nigeria’s future,” Edun emphasized, adding that there was broad recognition that Nigeria’s reforms were “the most credible way to economic prosperity.”
Cardoso touts growing investor confidence
Governor Cardoso also stressed the significance of Nigeria’s efforts in restoring investor confidence. Reflecting on Nigeria’s high-level investment forum held earlier at the Nasdaq MarketSite in New York, he described it as a turning point.
“The New York forum delivered powerful outcomes. It significantly bolstered investor confidence in Nigeria’s market fundamentals, with leading voices affirming the country’s economic progress and renewed standing as a compelling investment destination,” Cardoso said.
He credited Nigeria’s improved macroeconomic stability to tough but necessary decisions made over the past 18 months.
Thanks to these measures, Cardoso highlighted, Nigeria’s foreign reserves now exceed $38 billion, offering almost ten months of import cover — a significant buffer against external shocks.
“In 2024, Nigeria recorded a balance of payments surplus of $6.83 billion, the strongest in many years, driven by rising exports and renewed capital inflows,” he said.
He also pointed out that the naira had stabilized following the transition to a market-determined exchange rate system, eliminating speculative arbitrage and closing the gap between official and parallel market rates.
“Thanks to disciplined reforms and policy clarity, the naira has stabilized at a more sustainable level against the U.S. dollar,” Cardoso noted.
Inflation remains a top priority
While celebrating the successes, the CBN Governor admitted that inflation remained a major concern for the Nigerian economy.
“We recognize that inflation remains the most disruptive force to the economic welfare of Nigerians. Our policy stance is firmly focused on bringing inflation down to single digits in a sustainable manner over the medium term,” Cardoso assured.
He reiterated that restoring price stability and protecting household purchasing power were central to the monetary authorities’ long-term vision for growth.
Stronger banking sector on the horizon
On the domestic front, Cardoso said Nigeria’s ongoing banking sector recapitalization efforts are gaining momentum.
According to him, the goal is to build a stronger, more resilient financial system that can support economic growth at scale.
“The banking sector recapitalization is well underway, with strong momentum and stakeholder alignment,” Cardoso said, expressing confidence that Nigerian banks would be better positioned to finance the real economy once the process is completed.
Staying the course
Despite the positive signals, both Edun and Cardoso cautioned against complacency. The global environment remains volatile, and Nigeria’s gains must be carefully protected through continued commitment to reforms.
“The reforms are not easy, but they are delivering results,” Cardoso said. “We have moved from a position of vulnerability toward one of growing strength.”
Meanwhile, Edun emphasized that job creation remains a core focus, aligning with the World Bank’s overarching theme for 2025 that sustainable employment is the surest pathway out of poverty.
